The Swiss bank's battered money-management unit offloaded a major property in Munich.
Zurich-based Credit Suisse's asset management arm, dubbed CSAM, sold a Munich property called Elementum for an undisclosed price, it said in a statement (in German) on Tuesday. The property was bought by Vienna-based Imfarr and SN Holding, a Swiss-based vehicle of Norbert Ketterer, who is an investor in Implenia and Peach Property.
The unit is in the throes of a scandal after a $10.1 billion line of funds co-managed by Greensill imploded in March. Credit Suisse put its asset management under separate oversight, and this week one of the Swiss bank's biggest shareholders urged an industry tie-up of the business with someone like crosstown rival UBS.
A spokesman for Credit Suisse declined to detail the details of the Elementum deal, which is to close at the beginning of next year. An Austrian-based outlet reported the value at 500 million euros ($580 million).
